Deals, Analyst Accolades Send Internets Higher
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Internet stocks were buzzing ahead of the Thanksgiving Day holiday on news of several deals and analyst upgrades, helping them outpace blue chips and technology shares.
Just before noon Eastern, internet.com's Internet Stock Index had jumped 23.80, or 3.39 percent, to 724.90, the Nasdaq Composite had climbed 42.88 to 3,585.75 and the Dow Jones industrial average had added 19.27 to 11,014.90. Wednesday's is the last full session of the week as U.S. markets will take Thursday off for Thanksgiving. Friday will be an abbreviated session with trading ending at 1 p.m. Eastern.
Climbers included Ariba Inc. (ARBA) up 7-3/4 to 200-1/2, Broadcom Corp. (BRCM) had jumped 8-3/4 to 201-1/2, CMGI Inc. (CMGI) had gained 5 to 142-9/16, Doubleclick Inc. (DCLK) was up 2-1/4 to 175-1/4, eBay Inc. (EBAY) jumping 9-5/8 to 177-3/16, MP3.com Inc. (MPPP) up 4-13/16 to 44 and Yahoo! Inc. (YHOO) up 9-5/16 to 230-1/2.
Speaking on Yahoo!, Merrill Lynch's Henry Blodgett, who met with executives on Tuesday, said business remains and the company's outlook remains bright.
Internet Capital Group (ICGE) was off 2-15/16 to 167-3/16. The company announced plans for a secondary offering and a 2-for-1 stock split.
Sycamore Networks Inc. (SCMR) had gained 7-1/16 to 241. CS First Boston initiated coverage Wednesday with a "buy."
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